On paper, the jump from Investment Banking into Private Equity or a Family Office looks straightforward.

In reality, the first six months often feel very different from what people expect.

We speak to candidates every week who have already made the move — and a common theme comes up:
the biggest surprises are rarely about technical skill.

They tend to fall into three broad areas.

1. How your time is really spent

Many bankers expect to spend most of their time on new deals. In practice, the mix is often very different — with far more time going into asset management, portfolio reviews, refinancing, reporting, or working with operating partners than expected.

For some people, that’s a welcome shift. For others, it feels very different from the “deal-driven” image they had in mind.

2. Culture and decision-making

Moving from a large institution into a fund — or especially into a Family Office — can be a shock to the system.
Fewer layers, more direct accountability, and far less consensus-building means decisions move faster… but they also feel more personal.

What feels like freedom to one person can feel like ambiguity to another.

3. Execution vs. ownership

In PE and Family Offices, you don’t just run processes — you live with the outcomes.
Whether it’s a lease-up, a refinancing, a bolt-on acquisition or an exit, you feel the result far more directly than you ever did in banking.

That shift in ownership is energising for many — but it’s also a big adjustment.

We’re curious to hear from people who have actually made the move.

If you’ve gone from Investment Banking into PE or a Family Office, what surprised you most in your first six months?

???? Head to our LinkedIn page to vote in the poll and (if you’re comfortable) share your experience in the comments. www.linkedin.com/company/circle-square-talent 

The patterns that emerge from these conversations are often far more helpful to candidates than any job description.